What is a check valuation?

I've been disputing a valuation on one of properties and the broker back to me with this.

"We have had Propell review their valuation & assess with additional comparable sales

They have completed a thorough review however have confirmed that an increase in value is not supported

We have therefore ordered a check valuation and will advise upon it's receipt - ensure customers aware of new inspection"

What does this mean? It sounds like they are saying, they are not moving from their valuation, but then what is this check valuation about?

(Unfortunately the broker's assistance does not know what it means either and the broker is not available).
 
I had a situation
NAB valuer valued at 660K
CBA valuer valued at 700K

Along with other perks, I went with NAB because they accepted valuation done by the CBA valuer,
 
Do you mean another valuer from a different firm or same firm?
I just got off the phone with another broker who said it would be a different valuer from the same firm.

That doesn't sound right, sounds like that's already happened.

We have had Propell review their valuation & assess with additional comparable sales

They have completed a thorough review however have confirmed that an increase in value is not supported

I would suspect that a new independant valuation will be completed.
 
I'm now curious as to why its called a check valuation.

They order another valuation to check against the original. Then what? Do they still use the old valuation, disregard the old one, use something in between?
 
Check valuation = Compliance check ( Via Valex) is the common terminology used.

It's normally an internal compliance check done by Valex and the same valuation company ( with a higher authority) to check your "supporting " docs and your supporting sales evidence is enough to show the 1st valuer made a mistake.

So yes most of the time it will be the same company that's doing this " check valuation" ...if a NEW Valuation company is gonna take over than it will just be a NEW Valuation/ not a check/compliance ordered one- very rare- waste of Valex's $$$ as a check valuation is a free service to the bank and customer - i guess they call it consumers guarantee :)

I be honest, it's rare for a new valuation company from the SAME bank to take over after a dispute that has not been overtured....it's easier and make sense to just valuation shop and go else where....but of course this is within reasons...ie most valuation will be less than the clients expectations.

Most dispute don't end up with a higher value..unless there was a obv mistake....
 
We had a OTP in Bris where one valuer valued it at contract via nab then the cba valuer valued it under. We contested it, gave the cba valuer (this is all valex) the nab val - and pointed out the cba val was using comps 4 km away where the nab was within 1km.
CBA valuer still dug their feet in, off the record it turned out that (apparently) she couldnt change it as the parent firm blacklisted the entire development and she couldnt go against a senior director and say he was wrong.
Valex did the right thing and reassigned the nab val to cba, deal went through without a hitch, but it was PITA.
 
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